BSR on January 17 launched its initial public offering (IPO) to sell more than 241.5 million shares or 7.79% of the company’s charter capital at the starting price of VND14,600 per share.

The IPO attracted more than 4,000 investors, placing bids for nearly 652 million shares – 2.7 times the number of shares offered for the IPO.

BSR earned US$244 million from the IPO at the average selling price of VND23,043 per share. The company will sell 49% of its charter capital to the strategic investor and 6.5 million shares to its employees at the preferential price level.

The State will reduce its ownership in BSR to 43% from the previous 100%. The company earned VND5.43 trillion in the first nine months of 2017.